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Vitek1552 [10]
3 years ago
5

Case X: Compute cash received from customers:

Business
1 answer:
Inessa05 [86]3 years ago
3 0

Answer:

Sahim Company

Case X: Cash received from customers = $508,600

Case Y: Cash paid for rent = $141,400

Case Z: Cash paid for merchandise = $481,500

Explanation:

a) Data and Calculations:

Case X: Compute cash received from customers:

Sales $ 515,000

Accounts receivable, December 31, 2013 27,200

Accounts receivable, December 31, 2014 33,600

Case Y: Compute cash paid for rent:

Rent expense $ 139,800

Rent payable, December 31, 2013 7,800

Rent payable, December 31, 2014 6,200

Case Z: Compute cash paid for merchandise:

Cost of goods sold $ 525,000

Merchandise inventory, December 31, 2013 158,600

Accounts payable, December 31, 2013 66,700

Merchandise inventory, December 31, 2014 130,400

Accounts payable, December 31, 2014 82,000

Case X: Cash received from customers:

Accounts receivable

Account Titles                    Debit      Credit

Sales                               $ 515,000

December 31, 2013             27,200

December 31, 2014                           $33,600

Cash received                                  508,600

Case Y: Cash paid for rent:

Rent Payable

Account Titles                    Debit      Credit

Rent expense                             $ 139,800

December 31, 2013                           7,800

December 31, 2014          $6,200

Cash paid                         141,400

Case Z: Cash paid for merchandise:

Cost of goods sold                                        $ 525,000

Merchandise inventory, December 31, 2014   130,400

Merchandise inventory, December 31, 2013 (158,600)

Purchases during 2014                                $ 496,800

Accounts payable

Account Titles                           Debit      Credit

December 31, 2013                                $66,700

Purchases during 2014                          496,800

December 31, 2014                $82,000

Cash paid for merchandise    481,500

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